1) IS THE INTEREST & SALARY RECEIVED FROM FIRM WOULD BE TREATED AS INCOME FROM BUSINESS & PROFESSION OF PARTNER ?
2) THE PROFIT'S PERCENTAGE RECEIVED FROM FIRM IS TAXABLE OR NOT?
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income pf partners
Replies (3)
1. It will come under Salary head
2. Its not taxable.
both interest & salary
the income, which is chargeable in the hands of partners, not taxable in the hands of partnership firm and Vice-Versa
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